I think that 111.9 million includes the Cavs cap hold for Hood. To push the Cavs over the Luxury Tax, we would probably need to give our whole 19.5 mil of our remaining cap.
I think you're right. And I think that's the only way the Cavs wouldn't match. I'd have to check to be sure but they were over the cap last year so I think they'd face a higher luxury tax if they ended up being over it again this year.
EDIT: Oops. Never mind. I just saw jkbiker's latest post.